Starting July 1, 2015, real estate professionals in Ontario will not be allowed to imply that they have received an offer to purchase unless the offer is in writing and has been signed. The new rules, which have been established by the Liberal government and the Real Estate Council of Ontario (RECO), are designed to eliminate the possibility of phantom bids in multiple offer situations.
It will no longer be open to agents to try to drive up the sale price by saying that they have, or are expecting, another offer that in reality does not exist.
Although the existing . . . [more]